The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-23
The Virginia State Debt.
To tie People Of Virginia

10 UtS ItOptc " ''J'
At a meeting of Virginia Bondholders, CON
vcned by the Council Of Foreign Bondholders,
and held on Friday, the 2ith OF Septemper'
Iss6 M the CannOn-street Hotel, LONDON
the following resolutions were pdsseu "ii"ii
mOusly ,-..,,.o. ,b, lope, contest
into which the bondholdcrs have been forced
for the maintenance OF their rights anu " 'i ,
asserting It's stcadfast determination nor ~ az
cent the Riddlebergcr settlement WhlCh, III
view OF the admitted ability OF virginia 10 SCI
lie with her creditors. and the sacrlnces they
have already made on her behalf, IL cOhslnG ~
dishonest and unjust. nereby eApIVSS.S ''s
willingness 10 meet the state ana entertain Il
reasonable compromise based upon the pres
emf taxation and the available revenue, aitcI
urovidinQ for the CONSTITUTIONS appfopilh'loh
for government, schools, ana other PuoHc cA
The state had the benefit Of the whole on the
money She originally borrowed (SBuOhp). III
laid the foundation of her roads, railways anu
canals. and has brought millions ol uoi ii.'d
into the country Had you not constructed
these public works with the bOndholucIs
money YOU would have to be taxed now LOT
them. ..l.. o,.o. ~, -
loved the benefit OF its loans more than II
ginia has done. See Senate Document XIV.
Session. ls.t-'iS.I
The present unsettled condition Of the deb
is keeping capital and immigration on OF Nlr VIZ,
giuia and as long Is matters so continue you
will never develop the splendid resources OF
the state i'm the way they deserve.
The revenue OF Virginia is increasing. Inc
last assessment shows an increase OF SpoUp'-
900 in taxable values. Your present revenue
might be largely increased II the taxes were
more carefully collected and the present as
sessmcnts on property equalized throughout
What might hcye been GiGcult to do few
years ago IS easy now. and each year the BUR
den Will become lighter. when the deot qucS
ton is settled capital and enterprise, which
now holds alOOf, viii flow INTO the STATE.
The settlement offered by the DOndhOlceis
proposes tnat the bonds now i'm existence bear
inc tax-rccciyablc coupons should be deposited
I'm some trust company; that new pOnds shOulu
be issued i'm their place, bearing no t1N-fecelF
able commons. and at "a low rate of interest
When the State pays "a half-ycar's interest on
the new bonds. the taX-rccelNapIe coupons Tor
that hall-year shall be cut OF the ola bonds by
the trust company, cancelled, ana deuNeieu 10
tine state ANY increase on the present rCVe-
nue. will be appropriated by the state, ana
the bOndhOlders will not have any claim on III.
There was cash balance last july m the
Treasury of $4,000, and the average purchase
OF Riddleberger 3s by the state has been at
the rate of $4,000 per annum in cash. The
State has some millions of dollars OF assets
which would help her i'm arranging settle
mcnt.
The bondholdcrs are nc deeply interested as
YOU are i'm maintaining the credit and prosper
ity of your state They ask for a fair hearing
and a discussion Of the question by business
men. and not by politicians, whose interest II
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way of bringing about this settle
ment is for taxpayers to tender coupons in
payment of their taxes. In view OF the con
ciliatOry spirit and liberal offer made by the
creditors ] venture respectfully TO submit 10
You that il is your moral duty, rs well as your
legal right and privilege, to tender coupons Tor
taxes now due. JAMES =. COOPER.
no26